Greater Toronto Area REALTORS® reported 7,658 transactions through the Toronto Multiple Listing Service® in September 2011 – a 25 percent increase over September 2010 sales. Overall, sales during the first three quarters of 2011 amounted to a total of 70,588 – a 2.6 percent increase compared to the same period in 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said TREB President Richard Silver. "Over the past few months, the listing situation has started to improve, so we expect homebuyers will have more homes to choose from in the months ahead."
Because of supply and demand, market conditions have become tighter, resulting in a growth of close to 10 percent in the average selling price on a year-over-year basis.
"Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes," said TREB's Senior Manager of Market Analysis Jason Mercer. He explained, "As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area."